David Hunter, a contrarian macro advisor, predicts a potential “melt up” scenario in global markets in Q4 2023. He anticipates the S&P 500 to soar by 36% and gold to reach $3,000 per ounce by October. However, Hunter warns that this bullish trend will be short-lived, as a significant market bust is on the horizon, leading to a deep recession. He believes that the current economic cycle, which began in 1982, is nearing its end, and the highs of this bull market will not be seen again for decades. Hunter references historical instances of melt-ups, such as the ‘Fall Melt-Up of 2011,’ which were followed by market crashes. He attributes the potential bust to the U.S. Federal Reserve’s quantitative tightening measures, stating that they have gone “too far.” Hunter predicts an 80% drawdown in markets and expects gold and silver to drop back to current levels. However, he concludes that both precious metals will see upsides after the bust, potentially rising ten times higher in value.
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